Switzerland has agreed to return $150 million from a blocked Swiss account to the United States. The funds are to enable victims of the Ponzi Scheme to get some relief according to the Federal Ministry of Justice.
The scheme, run by Robert Allen Stanford, involved a $7.2 billion fraud lasting over 20 years. The $150 million will be an addition to an initial $50 million that was initially returned.
Robert Allen Stanford has been described as a ruthless predator who channelled $116 million in profit through a fictitious slush fund at the Societe Generale. Stanford is currently serving a 110-year imprisonment term.
Allen Stanford’s scheme is the second largest of its kind after Bernie Madoff’s .
